The table lists some macroeconomic data for the United States in 2009 in billions of dollars: Wages paid to labor 8,000 Consumption expenditure 10,000 • Other factors income 3,400 • Investment 1,500 Government expenditure 2,900 • Net exports -340 1. Calculate U.S. GDP in 2009.

The following data shows the quantities of output a hypothetical economy produced in 2002,2005 and 2010, and the amounts consumed by a typical post- secondary student. Base Year = 2002 Product New Houses (units) Coffee (cups) Pizza (pieces) Beef (Kg) Photocopy (pages) Price $ 41,850 1.2 3 11 0.5 2002 Quantity Produced 47 80,200 16,440 70,080 58,400 Quantity Consumed A. Nominal GDP in 2002 B. Nominal GDP in 2005 C. Nominal GDP in 2010 D. Nominal GDP Growth 2002-2005 E. Nominal GDP Growth 2005-2010 F. Real GDP 2002 G. Real GDP 2005 H. Real GDP 2010 I. Real GDP Growth 2002-2005 J. Real GDP Growth 2002-2010 K. GDP Deflator 2002 L. GDP Deflator 2005 M. GDP Deflator 2010 N. Rate of inflation 2005-2010 O. Rate of inflation 2002-2010 P. Cost of 2002 Consumption Basket at 2002 Prices Q. Cost of 2002 Consumption Basket at 2005 Prices R. Cost of 2002 Consumption Basket at 2010 Prices 1 36 21 6 157 Price $ 40,580 1.95 9.5 14 0.65 2005 Quantity Produced 45 83,850 16,500 65,340 62,600 Calculate the…

Category Expenditures (billions of dollars) Fixed business investment $2,950.00  Durable goods $2,300.00  Exports $700.00  Federal government purchases $1,250.00  New home construction $1,300.00  Imports $840.00  Change in inventories $-200.00  Nondurable goods $4,800.00  Services $9,450.00  State and local government purchases $2,100.00  Use the information in the table to calculate the following:(a) Consumption: $    billion(b) Investment: $    billion(c) Government: $    billion(d) Net exports: $    billion(e) GDP: $    billion

GDP 1. Calculate the values for the blanks in the shaded areas of the table below (identify your responses in a logical fashion in your document): Consumption Investment Business fixed investment Changes in inventories Government Net Exports Exports Imports Expenditure Components of GDP by Country, 2018 (billions of US dollars) Australia Canada Denmark Finland India Japan New Zealand 808.7 996.9 165.9 146.1 1650.6 2763.3 120.0 336.9 0.1 275.5 348.5 312.0 385.1 9.4 357.1 544.9 581.1 78.8 2.9 86.6 197.9 176.4 65.6 842.7 3.4 27.4 62.7 312.1 1202.5 11.2 981.6 Which country has the largest negative net exports? 106.8 548.6 917.1 108.8 657.0 904.4 GDP Source: UNData, UN Statistics Division, data.un.org, GDP by Type of Expenditure at current prices - US dollars 2. Based on the information in the table and your calculations for Question #1: Do any countries have positive net exports? Which one(s)? 49.1 0.1 38.4 58.2 58.1 UK 1870.5 487.3 5.8 528.3 856.8 907.1 US 13998.7 4260.7 54.7 2904.3…